SABIC to Establish Polymrat Factories

JEDDAH, 24 July 2005 — The Saudi Basic Industries Company signed on Wednesday a letter of intent with Aker Kvaerner and Synobic companies to design, supply and establish the polymrat factories at Yanbu National Petrochemical Company at Yanbu Industrial City. The production capacity of two units of the polymrat factories is 800 thousand metric tons. Yansab, of which recently Crown Prince Abdullah laid the cornerstone, is SABIC’s latest industrial complex, owned 55 percent by SABIC and 10 percent by 17 Saudi and Gulf companies; 35 percent of the capital will be floated in an IPO.